While many farm families might see succession planning as a sizeable challenge, addressing it has big benefits - and not just for relationships.

Harvard Business School of Management research shows businesses that have a sound succession plan are up to 25 per cent more profitable.

Stock & Land talked to specialists in the field to put together this comprehensive guide on how to start the succession conversation - and to make sure it ends in success not tears.


Why succession planning matters

Planning for profitable farms

ALL too often farm families avoid success planning until they are forced to due to a crisis. However ProAGtive's Isobel Knight says addressing it early can actually mean a big boost to a farm's bottom line. Read more

Never too early to start talking succession

TOO often a family crisis is the catalyst to begin the process that transfers the control of management, income and ownership of a farm's operations and assets to the next generation. But farm adviser Anna Cochrane says there's big benefits to starting sooner. Read more

Asset retention needs to be the main aim

SUCCESSION planning should be focused on asset retention not wealth distribution says succession expert Geoff Tually. Read more

Taking a professional approach

HAVING young farmers return to the family property as employees has its chellenges but Rural Finance's Warren Vogel says being professional determines its success. Read more

Case studies

Involving everyone in the conversation at Moorilim

DOUG and Sue Brown are on their second succession plan and have just completed the first year in partnership with their two sons. And they've found a structure that offers some flexibility has been critical to their success. Read more

Planning to help the next generation

SOUTH Gippsland dairyfarmer Marion Macdonald knows just how tough it can be when succession planning isn't started early - and doesn't take into account every scenario. Read more

Tips from our expert panel

The do's and don'ts of succession planning

VIDEO: ProAGtive's Isobel Knight talks you through the do's and don'ts of succession planning.

How to start the conversation

VIDEO: It's never too early to start talking about farm succession with family says Mike Stephens and Associates' Anna Cochrane.

Don't leave it too late

VIDEO: Accountant Andrew Martin talks about the ramification of ignoring succession planning until somebody dies.

More resources

Friday Forum - what the experts said

READ what our expert panel had to say about starting the succession conversation - and getting it right Read the transcript here

COMMENTS

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Sorry did i get it wrong..? Rankins Springs is still open..?!
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No doubt a few frosted Freddies out there who will wish they had taken a closer look at the AGC
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Matthew, I was wondering if you had followed up this story with the farmer after the whole